Starbucks (SBUX) Seeks to Triple Presence in China through FY15
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Starbucks (Nasdaq: SBUX) is looking to aggressively expand its presence in China over the next four years.
According to the Washingtion Post Tuesday morning, the Seattle-based coffee chain is aiming to triple it's stores in China, from 470 to about 1500, by 2015. Starbucks' Asia Pacific President Jinlong Wang also said it plans to double its presence in South Korea from 370 to 700 shops by 2016.
Wang cites Starbucks creating a new, coffee-drinking culture in China on the move.
Plans also call for Starbucks to introduce its VIA Ready Brew instant coffee to South Korea, Indonesia, Malaysia, Singapore, Thailand, and Australia in September.
Starbucks is also becoming a more global company. International sales increased 20 percent last quarter, while the segment contributed 23 percent of its $2.93 billion in overall revs. International sales in the prior-year period accounted for just 21 percent of overall sales.
Shares of Starbucks are trading 1.3 percent lower Tuesday. Starbucks opened its first store in China in 1999.
According to the Washingtion Post Tuesday morning, the Seattle-based coffee chain is aiming to triple it's stores in China, from 470 to about 1500, by 2015. Starbucks' Asia Pacific President Jinlong Wang also said it plans to double its presence in South Korea from 370 to 700 shops by 2016.
Wang cites Starbucks creating a new, coffee-drinking culture in China on the move.
Plans also call for Starbucks to introduce its VIA Ready Brew instant coffee to South Korea, Indonesia, Malaysia, Singapore, Thailand, and Australia in September.
Starbucks is also becoming a more global company. International sales increased 20 percent last quarter, while the segment contributed 23 percent of its $2.93 billion in overall revs. International sales in the prior-year period accounted for just 21 percent of overall sales.
Shares of Starbucks are trading 1.3 percent lower Tuesday. Starbucks opened its first store in China in 1999.
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